Regenero, a JV formed by YIT and HGR, has signed an anchor tenant agreement with Accountor for the high-rise building in Keilaniemi, Espoo, Finland
YIT Corporation Investor News February 1, 2018 at 10:00 a.m.
Regenero, a joint venture formed by YIT and HGR Property Partners, has signed an agreement with Accountor Holding Oy to lease office spaces in the high-rise building in Keilaniemi, Espoo, Finland to be renovated. Accountor will be the anchor tenant with a long-term tenancy. The offices spaces to be leased to Accountor are approximately 11,000 square metres and they will consist of approximately 800 work stations. The high-rise building has been Fortum’s old headquarters, also known as “Raaden hammas” (Raade’s tooth), and it will be renovated to meet Accountor’s needs, to a modern Accountor Tower.
“Even though we are an international company, we want to be proud of our Finnish roots and participate in renewing this fine, almost iconic building to offer it a new future”, say Niklas Sonkin, COO and Deputy CEO of Accountor Group. “The future will be built on history: this building has a history and a soul, that we will get to be a part of. Already in our current headquarters in Ympyrätalo we have been operating in an architecturally significant cultural location, and moving in this building is a fine continuation to this tradition. Our thought is also to offer space from the building to activities that support small companies and business life in the area. We will consider different means for this in cooperation with different stakeholders.”
During the renovation work, Accountor will move to Keilalampi office building in the beginning of May 2018. Accountor will move to new premises in Accountor Tower after the renovation has been completed approximately in May 2020. Along with the agreement, the occupancy rate will rise to approximately 50 percent.
Along with the tenant agreement, the renovation work will be started in March 2018, and YIT, which combined/to be combined with Lemminkäinen on February 1, 2018, will be the constructor. “Urban development and execution of large, complex projects are YIT’s core competences. Due to strengthening financial and operational resources we can implement these core competences even better than before. The renovation of high-rise building to become the new, modern headquarters of Accountor in the heart of developing Keilaniemi is an excellent example of this kind of project. The Keilaniemi area development project combines renovation and new construction in a completely new way”, says Juha Kostiainen, Senior Vice President for Sustainable Urban Development at YIT and Chairman of the Board at Regenero.
YIT announced in October 2017, that Regenero acquired a property entity located in Keilaniemi, Espoo for a development project. The entity comprises the high-rise building a the Keilalampi office building as well as unused residential building right. YIT has the right to purchase the new construction right from Regenero. The operating model of the joint venture includes that YIT will implement the construction work related to the project as a turnkey contract and is responsible for the implementation planning of the project.
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YIT is the largest Finnish and significant North European construction company. We develop and build apartments, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers our 10,000 professionals are creating more functional, more attractive and more sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Slovakia and Poland. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our combined annual revenue for 2017 was over EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com